On the move
China Daily | Updated: 2018-02-12 07:58
Alibaba team takes reins at Sun Art Retail
Executive managers from e-commerce company Alibaba Group Holding Ltd have taken charge of hypermarket operator Sun Art Retail Group Ltd. Alibaba bought a 36.16 percent stake in Sun Art in November last year. Zheng Quantai, chairman of Sun Art, stepped down and was replaced by Zhang Yong (pictured), CEO of Alibaba. Huang Mingduan, chairman of RT-Mart, the supermarket brand of Sun Art, also resigned from the post of executive director. Founded in 2000, Sun Art now has about 450 hypermarkets in 29 regions of China. The Sun Art acquisition marks Alibaba's move into offline retail.
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